Plug Power Inc. (NASDAQ:PLUG) has entered into an agreement with electric vehicle producer StreetScooter to provide its ProGen hydrogen fuel cell engines to the latter. Notably, the partnership will enable StreetScooter to offer 100 trucks powered by hydrogen fuel cell to Deutsche Post (DE:DPWGn) DHL, commencing from 2020.
StreetScooter will integrate Plug Power's proprietary ProGen engines into its electric delivery vehicles. Comprising MEA and metal plate stack technology, the engines will enable StreetScooter to enhance a vehicle’s drive time, apart from boosting operational efficiency with sustainable and clean technology. Notably, the engines will provide StreetScooter vehicles an increased range of up to 500 kilometres.
Fuel Cell Market Outlook
The demand for fuel cell technology is increasing on the back of reliability and cheaper-than-conventional power sources. It has become a viable option for vehicles owing to inherent zero emissions. We believe that the demand for Plug Power’s GenKey solutions will rise significantly, considering growth in the fuel cell market.
Over the past six months, this Zacks Rank #4 (Sell) company's shares have gained 52.6% against 7% decline recorded by the industry.
Stocks to Consider
Some better-ranked stocks in the same industry are Harsco Corporation (NYSE:HSC) , Flowserve Corporation (NYSE:FLS) and Dover Corporation (NYSE:DOV) . While Harsco sports a Zacks Rank #1 (Strong Buy), Flowserve and Dover carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Harsco pulled off average positive earnings surprise of 11.40% in the trailing four quarters.
Flowserve delivered average earnings surprise of 0.49% in the trailing four quarters.
Dover delivered average positive earnings surprise of 8.61% in the trailing four quarters.
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Plug Power, Inc. (PLUG): Free Stock Analysis Report
Dover Corporation (DOV): Free Stock Analysis Report
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Harsco Corporation (HSC): Free Stock Analysis Report
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